MS SB2844

Establishes comprehensive framework for incorporating and operating cooperative associations in Mississippi, including requirements for articles of association, bylaws, membership, and governance structure.

Grants cooperatives broad powers including perpetual existence, ability to sue/be sued, make contracts, issue stock, and conduct business across state lines, subject to restrictions on banking, insurance, and railroad operations.

Requires cooperatives to have minimum five directors (three if fewer than 50 members), implement annual member meetings with specific quorum requirements (10% of first 100 members plus 5% of additional members), and prohibit proxy voting except by territorial delegates.

Establishes rules for stock authorization with maximum 6% annual dividends, membership requirements, director election/removal, and annual distribution of net proceeds to patrons based on patronage ratio after deducting operating expenses and authorized reserves.

Provides procedures for voluntary dissolution by three-fourths member vote, involuntary judicial dissolution by Attorney General for fraud/authority abuse, merger/consolidation, and conversion of regular corporations into cooperatives, with penalties for improper use of "cooperative" term.